Yes just the first bit. However there is a technicality there between whats legally written and intent. I would point out the way its written if I held a PPL and wanted to exercise PPL privilages, I could argue the rule does not apply as I don't want to exercise the privilages of a lower licence, just the licence I have! (so just doing the BFR again)
For those with a higher licence, I didn't realise the OR in there which means those licences have an alternative option.